SET Announcements

No. CK-03-0000-PO-L-0303 December 30, 2003 Re: Notification of the Judgment of the Civil Court of Southern Bangkok Attention: President of the Stock Exchange of Thailand Due to the fact that the Joint Venture BBCD (Bilfinger + Berger Bauaktiengesellschaft, CH. Karnchang Public Company Limited and Dyckerhoff & Widmann AG) filed a statement of claim with the Arbitration Institute, demanding the Expressway and Rapid Transit Authority of Thailand to pay the adjusted fixed cost as per the Contract for the Design and Construction of the Bang Na Bang Pli - Bang Pakong in the amount of Baht 6,254,979,470.84, together with interest at the rate of 7.5 percent per annum calculated on the principal amount of Baht 6,039,893,254.00, the Arbitral Tribunal issued an arbitral award for such dispute on September 20, 2001, ruling the Expressway and Rapid Transit Authority of Thailand to pay the adjusted fixed cost in the amount of approximately Baht Six Billion to the Joint Venture BBCD. Thereafter, the Expressway and Rapid Transit Authority of Thailand notified that it could not yet comply with the arbitral award as an objection was raised by government agencies requesting inspection of such issue. The payment in accordance with the arbitral award was therefore delayed. Subsequently, on May 1, 2002, the Joint Venture BBCD filed a lawsuit against the Expressway and Rapid Transit Authority of Thailand with the court to enforce the arbitral award. The Company hereby informs you that on December 30, 2003, the Civil Court of Southern Bangkok adjudged that the Expressway and Rapid Transit Authority of Thailand is required to comply with the arbitral award in Case Red No. 36/2544 of the Arbitration Institute, and make payments to the Joint Venture BBCD in the amount of Baht 3,371,446,114.00, together with interest on such principal at the rate of 7.5 percent per annum from November 2, 1999 until payment thereof is made in full; and Baht 2,668,447,140.00, together with interest on such principal at the rate of 7.5 percent per annum from January 15, 2000 until payment thereof is made in full. The Expressway and Rapid Transit Authority of Thailand is also required to reimburse the court fee to the Joint Venture BBCD and to pay the attorney fee in the amount of Baht 500,000.00. Please be informed accordingly. Very truly yours, (Mr. Anukool Tantimas) Executive Vice President Human Resource and General Administration (Translation)